This article was originally published on CUInsight.
Fraud and data security concerns continue to rise at alarming rates across the United States. In 2020, the Federal Trade Commission reported receiving over 2.1 million consumer fraud reports and more than $3.3 billion reported losses (up from $1.8 billion reported in 2019). Reports of fraud surged during the COVID-19 pandemic, most commonly, reports of imposter fraud or online shopping fraud.
In today’s current climate, bad actors are continually attempting to take over an individual’s identity or create a synthetic identity of someone who is not real. This makes enhanced authentication measures increasingly critical for data and financial security. One key element: educating the consumer on the importance of authentication measures. Authentication layers are critical in helping keep bad actors from using their identity or creating a fake identity with parts of the real person’s identity.
Understanding is critical in the process of prevention. For credit unions, call centers, and consumers, there isn’t one specific way to prevent fraud and it’s important to incorporate a comprehensive strategy to authenticate fully and securely.
Read the full article here.
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